News: CCP Credit Corp Advises Of Customer Remediation, Gets Production Notice From ASIC

Aug 23 (Reuters) - Credit Corp Group Ltd (CCP) :

• REVIEW IDENTIFIED CUSTOMERS WERE CHARGED INTEREST IN CIRCUMSTANCES WHERE CO INTENDED TO APPLY FORBEARANCE OF ZERO OR REDUCED INTEREST RATE
• INVESTIGATION WILL IDENTIFY & REMEDIATE ALL CUSTOMERS AFFECTED BY ANY FAILURE TO APPLY INTENDED INTEREST FORBEARANCE FROM 1 JULY 2015
• INTERNAL INVESTIGATION WAS INITIATED TO DETERMINE EXTENT OF ISSUE AND PROPOSED REMEDIATION
• INDICATIONS ARE THAT NO MORE THAN 1% OF CUSTOMERS COMPRISING AUSTRALIAN, NZ ACTIVE PDL PORTFOLIO OVER PERIOD WERE AFFECTED
• TOTAL REFUNDS, INCLUDING INTEREST THEREON, ARE NOT ANTICIPATED TO EXCEED A$4 MILLION FROM INVESTIGATION
• RECENTLY RECEIVED PRODUCTION NOTICE FROM ASIC INDICATING CONCERN OVER HISTORIC PRACTICE
• INITIATED FURTHER PROCESS TO APPLY KEY ELEMENTS OF REVISED POLICY TO ALL TEMPORARY ARRANGEMENTS IN PLACE FROM 1 JULY 2015
• COOPERATING WITH ASIC'S INVESTIGATION, DOES NOT BELIEVE HISTORIC PRACTICE OF ACCEPTING TEMPORARY ARRANGEMENTS WAS CONTRARY TO LAW
• CREDIT CORP RE-AFFIRMS ITS EARLIER GUIDANCE FOR FULL YEAR